Business
TAQA nine-month net income $1.17 bn
The total revenue is 11 percent higher than the same period last year.
- TAQA’s Board of Directors announced an interim cash dividend of AED618 million ($168.25 million).
- The EBITDA was AED14.4 billion ($3.92 billion), an increase of 20 percent from last year.
Business
ACWA Power loss in Q3 $5.8 million
The company said losses due to IPO-related issues and payments.
- The company's profit in the same quarter a year ago was SR541 million.
- The net profit of the first nine months of this year also went down by half to SR434 million.
Business
DP World launches e-commerce site Dubuy in Kenya
Dubuy.com aims to provide Kenya a secure and reliable way for its businesses to grow.
- Dubuy.com, an e-commerce platform of DP World, has launched in Kenya
- It has already seen over 500,000 website visits from African vendors since its launch in Rwanda six months ago
Business
Meta to tweak ad policy
Meta ads will not consider race, religion, sexuality, or political party.
- From January 19, apps in the Meta family will no longer offer advertisers the option to target people based on certain ‘sensitive’ topics
- While this may tighten privacy, it may also affect non-profit groups seeking fundraising or small companies looking for customers
Business
National Bonds ups stake in Taleem
Taleem Holdings is one of the largest education providers in the Middle East.
- National Bonds increased the stake in Taaleem, a company with paid-up capital of AED 750 million, from 19.6 percent to 23 percent.
- By end of Q3 2021, National Bond's investment portfolio has grown by more than 32 percent to surpass AED 10 billion ($2.72 billion).
Business
ADNIC nine-month profit at $90m
Its profit in the first nine months last year was $77 million.
- ADNIC’s overall premium retention ratio reached 33.5 percent for the nine months of 2021
- This was in comparison with 32.7 percent for the same period last year
Business
Virgin continues space ticket sale
The current fare is $450,000 per seat.
- Virgin Galactic has sold around 100 tickets since flying its founder Richard Branson to space earlier this year
- In total, the company has now sold 700 space tickets, according to a spokesperson
Business
SoftBank posts $3.5bn loss
This is its first quarterly loss since January-March 2020.
- Japan's SoftBank Group has logged its first quarterly net loss in 18 months
- The loss is due to the falling value of investments in its Vision Fund, including Chinese ride-hailing giant Didi Chuxing
Business
YahSat Q3 profit down 38 percent
YahSat said its contracted future revenues are over $2 billion.
- Yahsat said a final dividend of $52.5 million for 2021 is expected to be paid to all shareholders in April 2022.
- YahSat was last week appointed by the UAE government to complete a detailed analysis, assessment and recommendation for two new satellites.
Business
Air France inks Dubai deals
It has signed sustainable aviation fuel deals with Dubai firms.
- A high-level Air France delegation held strategic meetings with aviation leaders based in Dubai at Expo 2020
- The networking event was organized in partnership with the lille3000 association and sponsored by Clarins
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Advanced secures $586m loan
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East Pipes net profit $26.63m
Business
Gazprom 2022 profit at US$15bn Â
Business
GFH Financial Group Q2 net profit $30m
The net profit increased by 32.74 percent compared to Q2, 2022.
Business
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Business
Huawei H1 revenue at US$43.3bn
The firm works to diversify its business operations.
- The Shenzhen-based company has for several years been at the center of an intense tech standoff between China and the US.
- Since 2019, sanctions have cut the company off from global supply chains that gave it access to US-made components and technologies.
Business
ADNIC net profit $55.64m
The company's insurance revenue reached $582 million.
- Its underwriting profitability was robust with a combined ratio of 87.60% and a net insurance service profit of AED178.1 million.
- Charalampos Mylonas, CEO of ADNIC, said the company was the first amongst our peers to implement IFRS 17 Insurance Contracts (IFRS 17) as of 1 Jan, 2023.
Business
EIH gives $27.2m dividend
The company's net profit for H1 2023 stands at US$121.221 million.
- The company's net profit for H1 2023 stands at US$121.221 million, up from US$6.535 million in 2022
- EIH's assets grow from US$21.171 million in H1 2022 to US$607.19 million in the first half of 2023